Ky. Fair Board, group reach amusement park deal

LOUISVILLE, Ky. (AP) - A group of private investors and the Kentucky State Fair Board have reached a 50-year lease agreement for the shuttered Kentucky Kingdom amusement park with promises to reopen in 2014.

The investment group pledged $20 million and cash and a promise to secure another $25 million in a loan to restart the state's largest amusement park.

The Louisville Convention and Visitors Bureau pledged $100,000 a year for five years, Louisville Metro Council is weighing a $200,000 annual commitment for a decade and the state is considering tourism tax credits.

The fair board-owned park has been closed since 2009 when Six Flags ended its lease while in bankruptcy.

Former park owner and current investor Ed Hart pledged to make the park competitive with amusement parks in Indiana and Ohio.

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